U.S. natural gas futures have been declining this week to a three-month low, after weather in North America was predicted to be milder than expected and global energy prices witnessed a slump.
The decline in crude oil and European gas prices has led the decline in prices.
American natural gas prices witnessed an eight week drop after a boost in domestic output and declining liquefied natural gas (LNG) exports allowed utilities to more easily refill their storage facilities.
U.S. natural gas futures dropped 5.41 percent at closing on Oct. 19 for the third day in a row this week.“Gas market bears have multiple price-setting mechanisms to drive prices lower,” according to a study by energy consulting firm Gelber & Associates, reported Reuters.
